WeFast, a crowdsourced same-day delivery service operating globally, has announced that it has changed its name to Borzo to unite its businesses in 10 different countries under a single brand. As part of its growth strategy, the company also raised $35M in a Series C funding round. Its investors include Mubadala, VNV Global, RDIF, Flashpoint Venture Capital, and others. With the money raised, the company plans to strengthen its position on the international market under the Borzo brand and develop new products.
“We at Borzo always believed on-demand delivery will become a new normal as it’s beneficial for all parties involved and we’re glad it’s happening,” says Mike Alexandrovski, founder of Borzo. “With the new round closed we continue to move toward our goal of becoming one of the top courier delivery companies in every market we operate in. To achieve this goal we believe it’s important to ensure operational synchronicity and integrity of the company’s brand perception, and that’s why we rebranded it to Borzo.”
Founded in 2012, Borzo provides same-day delivery to a customer base of 2M users. The company has operations in 10 countries including Brazil, India, Indonesia, Korea, Malaysia, Mexico, the Philippines, Russia, Turkey and Vietnam. Borzo has over 2.5M couriers and 2M active customers, 75% of which are small and medium-sized businesses.
Faris Al Mazrui, Head of Russia & CIS at Mubadala, said, “The true fundamental shift in eCommerce took place with the increasing reliability and convenience of on-demand delivery services. In Borzo, we find a team with a clear vision on the opportunity in the evolving on-demand delivery space. They have succeeded in going global; becoming competitive in 10 new international markets. We are excited to partner with Mike and Borzo as they continue on their journey.”
“As the demand for delivery services is growing and the e-commerce segment is expanding, we see a good market opportunity for Borzo – and the team is succeeding in harnessing the power of network effects to turn this opportunity into an ultimate advantage,” said Per Brilioth, CEO at VNV Global.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.